6 Things Every Startup Needs

by Mitesh Sanghvi ·
Published April 1, 2016
· Updated February 13, 2017

Startup needs are many and there are ways to fulfill those. So we thought to share some of the ideas that will help startups to thrive in the market.

The startup period is presumably the most exciting as well as the most infuriating time of your life. Regularly you might be innovating and making something new yet at the same time you will be confronting issues you haven’t confronted before. Just having a breakthrough idea doesn’t make a startup successful. So here are the essentials any startup would most likely need.

1. Everything begins with an idea

The first and foremost thing for any aspiring entrepreneur is an idea to solve the problem that is identified. An idea which is unique and can make a difference in the current market. The product that you may create must directly satisfy the unmet desires of customers. Be as creative as you can. Brainstorm new ideas in a book daily and improve the older ones. Sometimes ideas that seem silly are the ones that change the world.

2. A good idea is 10%, rest is hard-work

Ideas are easy, implementing them is the real part. Once you have decided your idea, give it your everything. Work with your complete passion. You will face problems but success never comes easy. Sometimes life hits you in the head with a brick. Don’t lose faith.

“Stop not until the goal is reached.” – as Swami Vivekananda once said.

3. Alone we can do so little; together we can do so much

To make your product successful, you need to have a great team. With the help of a team, you could achieve more out of less time. It also helps psychologically as you can share your tensions and stress. Hire a good accountant as you cannot complete all the legalities yourself. A technical person on the team will definitely help to make your product much better.

“My model for business is The Beatles. They were four guys who kept each other’s kind of negative tendencies in check. They balanced each other and the total was greater than the sum of the parts. That’s how I see business: great things in business are never done by one person, they’re done by a team of people.” – as Steve Jobs once said.

4. Everything starts with the customers

First and foremost you need to identify the prospective customer and an unmet need or desire that the market has not sufficiently addressed. Think whether they will pay for your product? Is there a demand for service or product you are going to provide? Targeting the wrong market will lead you to a pitfall. Assembling a dedicated customer base early on will help the startup financially, as well as provide a much needed emotional boost.

5. Is the market ready for your product?

Every market has a life-cycle. Making a new product isn’t the only need but is one of the startup needs. It must be adaptable to the market. There have been cases in which even though being innovative and desirable, the product wasn’t accepted by the market. So do your market research properly before launching your product.

6. Investment

Having a fantastic product, a readiness to enhance, and innovative solutions for backing your process aren’t enough. Making everything run easily requires the lubricant of the business sector – cash. Your funding can be of any type:

Crowd-Funding

In Crowdfunding basically, anyone can contribute money toward helping a business that they really believe in. Platforms like Kickstarter or Indiegogo are great examples of websites where you create a crowdfunding campaign.

Venture Capitalist

A venture capitalist investor is essentially a professional group that looks specifically for startups to fund. For many, a venture capitalist would be the ideal funding situation.

Angel Investor

An angel investor is an investor who provides financial backing for small startups or entrepreneurs. Angel investors are usually found among an entrepreneur’s family and friends. The capital they provide can be a one-time injection of seed money or ongoing support to carry the company through difficult times.

Small Business Loan

Most of the banks nowadays provide loans easily to small business. There are many specialized options available for situations like small business ownership (such as microloans).

But wait these aren’t the only things a startup needs.

Of course, these aren’t the only things that go into making a successful startup company – there are also right attitude, office, motivation, optimism, technology and many more. Figuring out these six things will put any startup in a good position to grow into a thriving business.

How can Startup Launchpad help?

Startup Launchpad is a collaborative business platform for all startups to avail support and grow and for all supporters to offer support and generate revenues. It is a launchpad for startups as well as supporters of startups. Supporters can be broadly classified as service providers and vendors. Register now!.